HIGHLIGHTS
WORLD ECONOMIC & MARKET DEVELOPMENTS
GLOBAL MARKETS: UST and German Bund yields were lower in early European trade on Tuesday and EMU periphery sovereign bonds retained a positive tone even though recent economic data point to a moderation in the pace of Eurozone economic growth and recent comments by a number of EU high level officials suggest that the EU integration process has probably stalled. In FX markets, the USD extended recent gains with the DXY index standing close to the highest level since mid-January. Looking at today’s calendar, focus is on US CB consumer sentiment index for April and US March home sales ahead of the more crucial ECB policy meeting on Thursday and the US Q1 GDP report on Friday. The ECB will also publish the results of its euro-area Bank Lending Survey for the first quarter of the year.
GREECE: According to ELSTAT 1st 2018 Fiscal Data Notification the 2017 primary surplus and gross general government debt in ESA2010 terms were at 4.0% of GDP and 178.6% of GDP respectively.
SOUTH EASTERN EUROPE
CYPRUS: On Friday evening, Fitch upgraded the long-term sovereign rating of Cyprus by one notch from BB to BB+ with a positive outlook.
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